The collapse into administration of Philip Green’s British fashion group Arcadia was “incredibly sad news” but the government will support those affected, business secretary Alok Sharma said on Monday.

“I know this will be a worrying time for employees and their families, especially in the run-up to Christmas,” Sharma tweeted. “The Govt stands ready to support those affected during this difficult period,” he added.

Sharma said that within three months, the administrators had a duty to file a report on director conduct with The Insolvency Service, which will then determine whether a full investigation is required.

By James Davey; editor: Leslie Adler.